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The rupee advanced further by 16 paise to 49.66 against the American currency in the early trade on sustained selling of dollar by banks and exporters on the back of dollar’s weakness in the overseas market.
The domestic unit resumed higher at 49.67/68 per dollar at the Interbank Foreign Exchange (Forex) market against the last closing level of 49.82/83 per dollar and moved up further to 49.66 per dollar before quoting at 49.68/69 per dollar at 10.30 a.m.
It hovered in a range of 49.66 per dollar and 49.80 per dollar during the morning deals.
Persistent selling of dollar from banks and exporters in view of lower dollar in the overseas market mainly boosted the rupee value against the dollar, a forex dealer said.
The US dollar fell in the New York market yesterday to its lowest level since early September against the euro, following a report that Germany is willing to leverage Europe’s bailout fund to more than €one trillion or about $1.39 trillion.
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